The North America Automotive Electronics Market would witness market growth of 8.8% CAGR during the forecast period (2023-2030).
Growing integration and deployment of advanced safety systems like automatic airbags, emergency braking, parking assistance systems, and lane departure warnings are anticipated to boost demand throughout the forecast period. In addition, emergency call systems, alcohol ignition interlocks, and accident data recorder systems are swiftly adopted to protect in-vehicle occupants. They are anticipated to drive market growth throughout the forecast period.
The automotive sector invests substantial resources in research and development to produce competitively priced electronics and energy storage technology. In addition, OEMs rely increasingly on electronics to attain a high level of safety. Nevertheless, the auto sector is transitioning from hardware-driven to software-driven vehicles. The rising average number of electronic and software modules per vehicle influences the market's growth. The integration of IoT and AI into automobiles, the accessibility of automated vehicles, the desire for in-vehicle security features, and an increase in the demand for multimedia capabilities are driving the market.
The United States is a major market for electric vehicles, and the country is transitioning toward the acceptance of electric mobility. A portion of this can be attributed to the country’s abundance of advanced technology and electric vehicle manufacturing companies and firms, such as Tesla, Lucid, Rivian, and General Motors. Moreover, government policies and incentives aimed at boosting the acceptance of electric vehicles and the production of associated parts and components are anticipated to fuel demand in the country over the forecast period substantially.
In 2018, Mexico reported a 68 percent increase in EV sales, and hybrid vehicle sales surpassed 17,800 units compared to 2017. From January to September of this year, 955,393 electric and hybrid vehicles were sold. This increasing adoption of electric vehicles throughout the region's nations increases the growth potential of the regional market.
The US market dominated the North America Automotive Electronics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $90,582.3 million by 2030. The Canada market is experiencing a CAGR of 11.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 10.3% during (2023 - 2030).
Based on Application, the market is segmented into Safety Systems, Powertrain Electronics, Infotainment, ADAS and Body Electronics. Based on Sales Channel, the market is segmented into OEM and Aftermarket. Based on Component, the market is segmented into Current Carrying Devices, Sensors, Electronic Control Unit and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Automotive Electronics Market is Projected to reach USD 470.6 Billion by 2030, at a CAGR of 9.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Continental AG, Robert Bosch GmbH, Sony Corporation, Aptiv PLC, Hyundai Mobis Co., Ltd. (Hyundai Motor), ZF Friedrichshafen AG, Infineon Technologies AG, Magna International, Inc., Aisin Corporation (Toyota Motor Corporation) and Koninklijke Philips N.V.
By Application
By Sales Channel
By Component
By Country
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